@article{1452, abstract = {{Opinion leaders of an investment network can have a significant impact on capital mar-kets because their investment decisions are adopted by their peers and trigger large trad-ing cascades, increasing herding behavior and comovement among stock returns. This paper analyzes the interaction-based relations of traders from a large social trading plat-form and identifies the driving forces and the opinion leaders within a large online trading network as the nodes with the highest centrality and the highest force of infection, respec-tively. Relying on recent insights from epidemiological research, I maintain that central-ity identifies the most central traders in the network, while the expected force quantifies the most influential traders and their spreading power. I study the behavior and charac-teristics that set central and influential traders apart from other traders. The ability to identify focal points and their trading behavior within a trading network is important for investors, investment advisers, and policy makers.}}, author = {{Pelster, Matthias}}, journal = {{Proceedings of the International Conference on Information Systems}}, keywords = {{Online trading, investment advice, network modeling, Expected Force, herding.}}, title = {{{I’ll Have What S/he’s Having: A Case Study of a Social Trading Network}}}, year = {{2017}}, } @book{3378, abstract = {{Nach der Finanzkrise sind die Modellwelten der Finanzierungstheorie, vor allem diejenigen, die auf vollkommenen Märkten spielen, nicht mehr zeitgemäß. Heute muss die Lehre zu Theorie und Praxis der Finanzierungspolitik beide Sphären miteinander verbinden - wie es das Konzept dieses neuen Lehrbuchs verfolgt: Aus der strategischen Sicht des Finanzleiters werden die zentralen Themen der unternehmerischen Finanzierungspolitik aufgezeigt: Investitionsrechnung, Nutzung von Finanzmärkten, -intermediären und -instrumenten, Finanzielles Risikomanagement, Finanzkommunikation, Gestaltung von Unternehmensstruktur und -kontrolle. Mit vielen Anwendungsbeispielen und Einblicken in die Praxis.}}, author = {{Paul, Stephan and Horsch, Andreas and Kaltofen, Daniel and Uhde, André and Weiß, Gregor}}, isbn = {{ 978-3-7910-3086-9}}, keywords = {{Investitionsrechnung, finanzielles Risikomanagement, Finanzkommunikation}}, pages = {{760}}, publisher = {{Schäffer Poeschel}}, title = {{{Unternehmerische Finanzierungspolitik}}}, volume = {{1}}, year = {{2017}}, } @article{47913, author = {{Reimsbach, Daniel and Hahn, Rüdiger and Gürtürk, Anil}}, issn = {{0963-8180}}, journal = {{European Accounting Review}}, keywords = {{Business, Management and Accounting (miscellaneous), Accounting, Business and International Management, Economics, Econometrics and Finance (miscellaneous), Economics and Econometrics, Finance}}, number = {{3}}, pages = {{559--581}}, publisher = {{Informa UK Limited}}, title = {{{Integrated Reporting and Assurance of Sustainability Information: An Experimental Study on Professional Investors’ Information Processing}}}, doi = {{10.1080/09638180.2016.1273787}}, volume = {{27}}, year = {{2017}}, } @article{4774, author = {{Ebert, Michael and Simons, Dirk and Stecher, Jack D}}, journal = {{The Accounting Review}}, number = {{1}}, pages = {{73----91}}, title = {{{Discretionary aggregation}}}, volume = {{92}}, year = {{2017}}, } @inbook{50380, author = {{Hrnjadovic, Damir}}, booktitle = {{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}, editor = {{Betz, Stefan}}, isbn = {{978-3-8300-9337-4}}, pages = {{139--186}}, publisher = {{Dr. Kovac}}, title = {{{Möglichkeiten und Grenzen der Messung, Kontrolle und Sicherung der Qualität logistischer Prozesse}}}, year = {{2017}}, } @inbook{50383, author = {{Fiedler, Moritz}}, booktitle = {{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}, editor = {{Betz, Stefan}}, isbn = {{978-3-8300-9337-4}}, pages = {{187--229}}, publisher = {{Dr. Kovac}}, title = {{{Implikationen einer wertorientierten Unternehmensführung für Standortplanungsentscheidungen}}}, year = {{2017}}, } @inbook{50385, author = {{Osthoff, Lennart}}, booktitle = {{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}, editor = {{Betz, Stefan}}, isbn = {{978-3-8300-9337-4}}, pages = {{233--263}}, publisher = {{Dr. Kovac}}, title = {{{Betriebliche Standortplanung international agierender Unternehmen}}}, year = {{2017}}, } @inbook{50392, author = {{Opitz, Oliver}}, booktitle = {{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}, editor = {{Betz, Stefan}}, isbn = {{978-3-8300-9337-4}}, pages = {{13--45}}, publisher = {{Dr. Kovac}}, title = {{{Kategorisierungsmöglichkeiten für die Erzeugung von Dienstleistungen}}}, year = {{2017}}, } @inbook{50402, author = {{Faupel, Christian}}, booktitle = {{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}, editor = {{Betz, Stefan}}, isbn = {{978-3-8300-9337-4}}, pages = {{115--139}}, publisher = {{Dr. Kovac}}, title = {{{Entscheidungsunterstützung durch das Controlling mittels Reporting Design}}}, year = {{2017}}, } @article{4703, abstract = {{Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors’ behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies.}}, author = {{Hegemann, Annika and Kunoth, Angela and Rupp, Kristina and Sureth-Sloane, Caren}}, journal = {{Review of Managerial Science}}, number = {{3}}, pages = {{571--603}}, title = {{{Hold or Sell? How Capital Gains Taxation Affects Holding Decisions}}}, doi = {{10.1007/s11846-016-0197-9 }}, volume = {{11}}, year = {{2017}}, } @inbook{5015, author = {{Arbeitskreis Verrechnungspreise der Schmalenbach-Gesellschaft für Betriebswirtschaft, . and Sureth-Sloane, Caren}}, booktitle = {{Betriebswirtschaftliche Implikationen der digitalen Transformation}}, editor = {{Krause, Stefan and Pellens, Bernhard}}, pages = {{143--165}}, title = {{{Herausforderungen neuer digitaler Geschäftsmodelle für die Bestimmung von Verrechnungspreisen}}}, volume = {{72}}, year = {{2017}}, } @inbook{5017, author = {{Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, . and Sureth-Sloane, Caren}}, booktitle = {{Betriebswirtschaftliche Implikationen der digitalen Transformation}}, editor = {{Krause, Stefan and Pellens, Bernhard}}, pages = {{123--142}}, publisher = {{ZfBF Schmalenbach-Gesellschaft}}, title = {{{Digitalisierung und Besteuerung}}}, volume = {{72}}, year = {{2017}}, } @article{5016, author = {{Arbeitskreis Verrechnungspreise der Schmalenbach-Gesellschaft für Betriebswirtschaft, . and Sureth-Sloane, Caren}}, journal = {{Die Unternehmensbesteuerung}}, number = {{9}}, pages = {{537--542}}, publisher = {{Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft}}, title = {{{Immaterielle Vermögenswerte – ausgewählte Fragestellungen aus Sicht der unternehmerischen Praxis und der Wissenschaft}}}, volume = {{10}}, year = {{2017}}, } @techreport{5171, abstract = {{Employing a unique and hand-collected sample of 648 true sale loan securitization transactions issued by 57 stock-listed banks across the EU-12 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the relationship between true sale loan securitization and the issuing banks' non-performing loan to total assets ratios (NPLRs). We provide evidence for an NPLR-reducing effect during the boom phase of securitizations in Europe suggesting that banks in our sample may (partly) securitize NPLs as the most risky junior tranche and do not (fully) retain NPLs as a reputation and quality signal towards less informed investors in imperfect capital markets. In contrast, we fi nd the reverse effect during the crises period in Europe indicating that issuing banks provided credit enhancement and demonstrated `skin in the game'. Our baseline result remains robust when controlling for endogeneity concerns and a potential persistence in the time series of the NPL data. Moreover, results from a variety of sensitivity analysis reveal that the NPLR-reducing effect is stronger for opaque securitization transactions, for issuing banks exhibiting higher average levels of NPLRs and for banks operating from non-PIIGS countries. In addition, a reduction of NPLRs through securitization is observed for issued collateralized debt obligations, residential mortgage-backed securities, consumer and other unspeci ed loans as well as for non-frequently issuing, systemically less important and worse-rated banks. Our analysis offers essential insights into the loan risk allocation process through securitization and provides important implications for the vital debate on reducing NPL exposures and the process of revitalizing and regulating the European securitization market.}}, author = {{Uhde, André and Wengerek, Sascha Tobias}}, keywords = {{European Banking, Non-performing Loans, Risk Allocation, Securitization}}, title = {{{The relationship between credit risk transfer and non-performing loans. Evidence from European banks}}}, year = {{2017}}, } @article{3542, abstract = {{We study the historical development of Slovenian Accounting Standards (SAS) and their association with accounting quality (AQ). We focus on private firms where the financial reporting process is characterised by low demand for high-quality reporting. We investigate three distinct editions of SAS since 1994 and test how their development towards international standards is related to AQ. Aggregate earnings management measures indicate that the use of accounting discretion decreases with less earnings smoothing over time. The main features of AQ have been consistent throughout historical development. Asymmetric timeliness of earnings, the ability of earnings to predict future cash flows, and the ability of accruals to mitigate mismatching are all present throughout. We also document typical departures from properties of high AQ. For example, accruals do not (always) facilitate timely recognition of losses. However, these can be attributed to the overwhelming influence of reporting incentives (e.g. taxation, debt, size) rather than to the (lower) quality of accounting standards.  Full Article  Figures & data References  Citations Metrics  Reprints & Permissions  PDF Abstract We study the historical development of Slovenian Accounting Standards (SAS) and their association with accounting quality (AQ). We focus on private firms where the financial reporting process is characterised by low demand for high-quality reporting. We investigate three distinct editions of SAS since 1994 and test how their development towards international standards is related to AQ. Aggregate earnings management measures indicate that the use of accounting discretion decreases with less earnings smoothing over time. The main features of AQ have been consistent throughout historical development. Asymmetric timeliness of earnings, the ability of earnings to predict future cash flows, and the ability of accruals to mitigate mismatching are all present throughout. We also document typical departures from properties of high AQ. For example, accruals do not (always) facilitate timely recognition of losses. However, these can be attributed to the overwhelming influence of reporting incentives (e.g. taxation, debt, size) rather than to the (lower) quality of accounting standards.}}, author = {{Valentincic, Aljosa and Novak, Ales and Kosi, Urska}}, journal = {{Accounting in Europe}}, keywords = {{private firms, accounting quality, development of accounting standards, IFRS-like standards, Slovenia}}, number = {{3}}, pages = {{358--387}}, title = {{{Accounting quality in private firms during the transition towards international standards}}}, doi = {{10.1080/17449480.2017.1378821}}, volume = {{14}}, year = {{2017}}, } @article{4685, abstract = {{Politicians and tax practitioners often claim that tax uncertainty negatively affects investment. In many countries, firms can request fee-based advance tax rulings (ATRs) to mitigate tax uncertainty. We analyse theoretically the circumstances under which investors request ATRs, how tax authorities should price them and how they can affect investment. We assume that tax authorities integrate investors’ reasoning into their decisions. We find that in special cases the optimal fee tax authorities should charge is prohibitively high, thus firms will refrain from requesting ATRs. However, we find that revenue-maximising tax authorities offer ATRs if the ruling enables them either to significantly reduce their tax audit costs or to increase the probability of detecting ambiguous tax issues. Under certain circumstances, ATRs may effectively foster investment and potentially benefit both the tax authorities and taxpayers. Our results provide new explanations for why taxpayers that face high levels of tax uncertainty often do not request ATRs, even when the fee is rather low. Our results also hold when the tax authority maximises social wealth instead of its revenues. Regulatory changes in ATR requirements might serve as a natural quasi-experiment for an empirical study of our predictions regarding investment decisions.}}, author = {{Diller, Markus and Kortebusch, Pia and Schneider, Georg and Sureth-Sloane, Caren}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{441--468}}, title = {{{Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment}}}, doi = {{10.1080/09638180.2016.1169939}}, volume = {{26}}, year = {{2017}}, } @article{62737, author = {{Bornemann, Tobias and Eberhartinger, Eva}}, journal = {{Zeitschrift für Recht & Rechnungswesen}}, pages = {{319--325}}, title = {{{Die Initiative der EU zum öffentlichen Country-by-Country Reporting}}}, year = {{2017}}, } @article{2618, author = {{Betz, Stefan}}, journal = {{ForschungsForum Paderborn}}, pages = {{pp. 46--53}}, title = {{{Auswahl internationaler Standorte - Wie lassen sich Standortentscheidungen methodisch unterstützen?}}}, volume = {{19}}, year = {{2016}}, } @article{1771, abstract = {{Die (Wieder-)Einführung einer Vermögensteuer ist in den vergangenen Jahren erneut in den Fokus der politischen Diskussion gerückt. Der vorliegende Beitrag vermittelt einen Eindruck von den Belastungswirkungen, die aus der Umsetzung von aktuell vorliegenden Besteuerungskonzepten resultieren würden. Auf der Basis von realen Jahresabschlussdaten wird eine mehrperiodige Veranlagungssimulation durchgeführt, die insbesondere ermöglicht, den zu erwartenden Eigenkapitalverzehr sowie den Anstieg der Steuerbelastung für die betrachtete Stichprobe zu quantifizieren. Von besonderem Interesse sind hierbei Unternehmen, deren laufende Erträge nicht ausreichen, um die Belastungen durch die Vermögensteuer zu tragen und damit einem Substanzverzehr ausgesetzt sind. Es zeigt sich, dass etwa die Hälfte der Unternehmen im Untersuchungszeitraum von sechs Jahren in mindestens einem Jahr einen Substanzverzehr erfährt. Der Vermögensteuer kommt somit keinesfalls der vielfach postulierte Charakter einer eher mäßig belastenden und im Wesentlichen substanzverschonenden Steuer zu. Zusatzbelastungen von knapp 100 bis zu 300 % der Ertragsteuerlast sind keine Seltenheit und veranschaulichen das Gefährdungspotenzial dieser Steuer für den Wirtschaftsstandort Deutschland.}}, author = {{Hoppe, Thomas and Maiterth, Ralf and Sureth-Sloane, Caren}}, issn = {{0341-2687}}, journal = {{Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung}}, keywords = {{Steuerbelastung, Substanzbesteuerung, Ungleiche Vermögensverteilung, Veranlagungssimulation, Vermögensteuer}}, number = {{1}}, pages = {{3--45}}, publisher = {{Springer Nature}}, title = {{{Eigenkapitalverzehr und Substanzbesteuerung deutscher Unternehmen durch eine Vermögensteuer – eine empirische Analyse}}}, doi = {{10.1007/s41471-016-0005-x}}, volume = {{68}}, year = {{2016}}, } @article{20867, abstract = {{This study examines the loan-pricing behavior of German banks for a large variety of retail and corporate loan products. We find that a bank’s operational efficiency is priced in bank loan rates and alters interest-setting behavior. Specifically, we establish that a higher degree of operational efficiency leads to lower loan markups, which makes prices more competitive and smoothes the setting of interest rates. By employing state-of-the-art stochastic frontier efficiency measures to capture a bank’s operational efficiency, we take a look at the bank customers’ perspective and demonstrate the extent to which borrowers benefit from cost-efficient banking.}}, author = {{Sievers, Sönke and Schlüter, Tobias and Busch, Ramona and Hartmann-Wendels, Thomas}}, journal = {{ Credit and Capital Markets – Kredit und Kapital (VHB-JOURQUAL 3 Ranking C)}}, number = {{1}}, pages = {{93--125}}, title = {{{Loan Pricing: Do Borrowers Benefit from Cost-Efficient Banking?}}}, doi = {{10.3790/ccm.49.1.93}}, volume = {{49}}, year = {{2016}}, }